Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system. The worst-case scenario envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.

An 11-year-old Dutch boy has gone where many of the best economic minds in Europe have feared to tread and proposed a radical solution to the European single currency's problems -- using a pizza as his inspiration.

In its latest report, the IMF applauds national policymakers for stabilizing credit markets and putting the global economy on a recovery track. However, thorny problems remain -- including how to prevent overheating in emerging markets, and how to cut the U.S. deficit while lowering its unemployment rate.

Investors, scorched by the sub prime conflagration three years ago, are selling off their holdings around Greece's debt woes. Investor paranoia? There are many signs that investors are getting carried away but the panic could also be keeping a real disaster at bay.